BOSTON, MA, Jun 08, 2012 (MARKETWIRE via COMTEX) -- Below is the May 2012 Monthly Update for the Liberty All-Star(R) Equity Fund. USA -0.23%

        
        Liberty All-Star Equity Fund          Monthly Update
        Ticker: USA                           May 12
        
        Monthly Performance
        Performance                                    NAV   Market Price  Discount
        ----------------------------------------------------------------------------
        Beginning of month value                      $5.58      $4.90       12.2%
        Distributions (Ex-Date May 23)                $0.08      $0.08
        End of month value                            $4.98      $4.41       11.4%
        Performance for month                        -9.32%     -8.37%
        Performance year-to-date                      2.88%      8.13%
        Past performance cannot predict future
        results
        
        
        Net Assets at Month-End ($millions)
        Total                                       $910.1
        Equities                                    $910.6
        Percent Invested                            100.1%
        
        
        Top 20 Holdings at Month-End
           (30.3% of equity portfolio)
           (Rank from previous month)
         1 Apple, Inc. (1)                                        4.0%
         2 JPMorgan Chase & Co. (2)                               2.1%
         3 QUALCOMM, Inc. (3)                                     2.0%
         4 Google, Inc., Class A (4)                              1.8%
         5 Wells Fargo & Co. (5)                                  1.6%
         6 ACE Ltd. (7)                                           1.6%
         7 The Allstate Corp. (8)                                 1.5%
         8 Exxon Mobil Corp. (6)                                  1.5%
         9 State Street Corp. (10)                                1.3%
        10 SunTrust Banks, Inc. (14)                              1.3%
        11 Staples, Inc. (9)                                      1.3%
        12 Citigroup, Inc. (12)                                   1.3%
        13 TE Connectivity Ltd. (15)                              1.2%
        14 Dell, Inc. (11)                                        1.2%
        15 Microsoft Corp. (17)                                   1.1%
        16 Schlumberger Ltd. (21)                                 1.1%
        17 Cisco Systems, Inc. (16)                               1.1%
        18 American Tower Corp., Class A (20)                     1.1%
        19 Visa, Inc., Class A (19)                               1.1%
        20 Chesapeake Energy Corp. (28)                           1.1%
           Holdings are subject to change.
        
        Sector Breakdown (% of equity portfolio)*
           Information Technology                             24.3%
           Financials                                         20.9%
           Energy                                             14.3%
           Consumer Discretionary                             11.7%
           Health Care                                        8.4%
           Industrials                                        8.2%
           Consumer Staples                                   6.1%
           Materials                                          2.9%
           Telecommunication Services                         1.7%
           Utilities                                          1.5%
           Total Market Value                                 100.0%
        *Based on Standard & Poor's and MSCI Barra Global Industry
        Classification Standard (GICS).
        
        
        New Holdings                          Holdings Liquidated
          Emerson Electric Co.                  CA, Inc.
          Facebook, Inc., Class A               Cooper Industries PLC
          National Oilwell Varco, Inc.          The Estee Lauder Cos., Inc., Class A
          NetApp, Inc.                          Ross Stores, Inc.
          Oracle Corp.                          The TJX Cos., Inc.